Conditional Formatting based on the Color or Font of Another Cell

I want to change the font of one cell based on the color or font of another cell. Example: Cell A1 is given a red fill. This would trigger the change of the color of the font in Cell B2 from black to red.

Is this possible in native Excel 2010, or do I need some VBA programming?

Rather than using VBA to check the colour of the trigger cell in order to determine the colour of the target cell (which as Roy_Cox correctly says will require VBA) how about setting your target cell conditional formatting (CF) based on the conditions that originally determine the colour and or font of the trigger cell ?

@AL_XResearch:
That makes sense, provided that the original referenced cell (A1 in sxlowry's example) is also highlighted based on Conditional Formatting. If it is manually highlighted, then VBA would be needed.

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My worksheet is used to record test results. If the technician determines the result entered in the cell is out of specification, they select the cell and press a macro button which changes the fill to red and the font to italic. If certain cells are marked "out of spec", I want to trigger a change in the font color of a cell containing a prepopulated string of text so the message becomes visible.

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